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Frederic Lee sets out the foundations of a post-Keynesian price theory through developing an empirically grounded production schema. The administered, normal cost and mark-up price doctrines are explained in parts I-III of the book, as many of their theoretical arguments are important for developing the foundations. This involves discussing the work of Gardiner Means, Philip Andrews, and Michal Kalecki as well as the developers of the doctrines, such as Edwin Nourse, Paolo Sylos Labini, Harry Edwards, Josef Steindl and Alfred Eisner. Drawing upon the arguments and formal modelling offered by the doctrines, in conjunction with empirical evidence from one hundred studies on pricing and production, Dr Lee develops an empirically grounded pricing model and production schema. He argues that the model and the schema together constitute the foundations for post-Keynesian price theory.

Explains post-Keynesian price theory

A very clear and accessible exposition, making use of archival material, oral histories, interviews and institutional records to develop and ground economic theory

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Product details

Date Published: November 2006

format: Paperback

isbn: 9780521030212

length: 292pages

dimensions: 228 x 152 x 18 mm

weight: 0.456kg

availability: Available

Table of Contents

List of figures and tables Acknowledgements Introduction Part I. The Doctrine of Administered Prices:1. The origin of the doctrine of administered prices: from the modern corporation to industrial prices 2. Gardiner Means' doctrine of administered prices 3. Developments in the doctrine of administered prices Part II. The Doctrine of Normal Cost Prices:4. The origin of the doctrine of normal cost prices: the Oxford Economists' Research Group and full cost pricing 5. Philip Andrews' theory of competitive oligopoly 6. Developments in the doctrine of normal cost prices Part III. The Doctrine of Mark Up Prices:7. The origin of the doctrine of mark up prices: Michal Kalecki's microanalysis 8. Kalecki's microanalysis and the war years 9. Kalecki and the Cambridge contributions 10. Josef Steindl and the stagnation thesis Part IV. The Grounded Pricing Foundation of Post Keynesian Price Theory:11. Pricing and prices 12. The pricing model, the grounded pricing foundation, and Post Keynesian price theory Appendices Bibliography Index.

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